Living On $650K A Year In Los Angeles | Millennial Money

Summary

Lauren Simmons, at 27, reflects on her journey from being the youngest trader at the New York Stock Exchange to earning $650,000 annually in Los Angeles. She details her growth in finance, including working as an author, producer, podcast host, and investor. Despite her financial success, Lauren emphasizes her disciplined savings, budgeting, and investment strategies, stressing the importance of mindset over salary. With a strong foundation in personal finance, Lauren credits her mom for instilling these habits early on, and she foresees a future in digital currencies. She closes by showing pride in her accomplishments and family legacy.

Takeaways

• 😀 Lauren Simmons became the youngest trader at the New York Stock Exchange and the second African-American woman to work there.
• 😀 She made $12,000 in her early trading career, but now earns $650,000 annually.
• 😀 Lauren is multi-talented: she is an author, producer, host of a Spotify podcast, TV series host, and an investor.
• 😀 Her mother played a major role in teaching her about budgeting, saving, and building credit from an early age.
• 😀 When starting in finance, Lauren earned significantly less than her peers at other firms, highlighting the variation in salary structures at the New York Stock Exchange.
• 😀 Lauren keeps the last $23 from her first paycheck at the NYSE as a symbol of where she started and how far she has come.
• 😀 She lives in a 750-square-foot apartment in Los Angeles, paying $3,850 upfront for rent every month.
• 😀 Lauren prioritizes meditation, which she started at 19 after a tough breakup. It’s been a key practice for her mental well-being and productivity.
• 😀 Despite her success, Lauren maintains an aggressive saving strategy, saving 85% of her income, even when she was earning much less.
• 😀 Lauren believes digital currencies will eventually become a permanent part of the financial infrastructure but is cautious about current cryptocurrencies.
• 😀 She advocates for careful investing and due diligence, sharing that 95% of men on the trading floor didn’t actually invest in the stock market.
• 😀 Lauren embraces her success but acknowledges the challenges that women face in being recognized and celebrated for their accomplishments in finance.
• 😀 Lauren is proud of being the first in her family to graduate from college and looks forward to continuing her journey, possibly even running for president in the future.

Q & A

What notable achievements did Lauren Simmons accomplish early in her career?

Lauren Simmons became the youngest trader at the New York Stock Exchange and the second African-American woman to work there, making $12,000 at the time.

What is Lauren Simmons' current income and where does she live?

Lauren Simmons now makes $650,000 annually and lives in Los Angeles, California.

How does Lauren describe her career beyond working in finance?

Beyond finance, Lauren is an author, a producer, the host of a Spotify podcast, a TV series host, and an investor who sits on several boards of financial companies.

How has Lauren's upbringing influenced her approach to personal finance?

Lauren’s mother was very strict about budgeting and saving, even putting Lauren on her credit cards early to help build credit before she turned 18.

What does Lauren say about the salary disparity between her firm and others at the New York Stock Exchange?

Lauren's firm paid entry-level traders $12,000, while other firms paid the same entry-level workers $120,000, due to different salary policies, much like how NFL teams operate.

What personal item does Lauren keep as a reminder of her beginnings at the New York Stock Exchange?

Lauren keeps the last $23 from the check she received at the New York Stock Exchange as a reminder of where she started and how far she has come.

What is Lauren’s approach to spending on housing?

Lauren’s apartment is 750 square feet, and she spends $3,850 per month on rent, paying it upfront to avoid stress over monthly payments.

What does Lauren say about her spending on food and why?

Lauren spends about $100 a month on food, mainly because she doesn't eat breakfast due to nausea and sleepiness, usually eating later in the afternoon.

How does Lauren view her role in the financial world, particularly as a woman?

Lauren feels that while she embraces talking openly about salaries, there is a nuance in how women are recognized in the financial industry, with women often not receiving the same accolades as their male counterparts.

What financial strategy does Lauren emphasize for her own success?

Lauren is an aggressive saver, saving 85% of her income. She has maintained this practice since her early days on the trading floor, regardless of her income growth.